The Nigerian fintech landscape is constantly evolving, and new loan apps are being released on a regular basis. While the big players in the loan industry continue to dominate the market, there is always room for innovation and more competition.

If you are looking for a quick loan in Nigeria, and for one reason or another, need just the newly released ones, you might be wondering how to find them. Worry no more as here on B4Loan, we shall be listing 10 of the newest loan apps in Nigeria released in late 2023.

As of the time of writing this post, all of these apps are available on the Google Play Store and have been downloaded at least 5000 times. Ready to see these apps? Let’s go!

New Loan Apps in Nigeria (Top 10 List)

Here’s a rundown of the top 10 newest loan apps in Nigeria for 2023:

1. Gogetcredit

Released on November 29, 2023, Gogetcredit is a Nigerian loan app by Magnet Lending Limited that gives access to loans of 4000 naira and above. The application process is easy, however, the disbursement can take some time. To be eligible, you have to be between 20 and 60 years old and be a Nigerian citizen. Head over to the Google Play Store and search for the app to get started.

2. Neocash

Neocash is another newly launched loan app in Nigeria but for Lagos residents only. The founder of this app is Shepherd Trust, a CBN-licensed microfinance bank that has been operating since 2011. Neocash is offering loans from 5k and above but with too many requirements. To be eligible for a loan, you need to have a  verifiable source of income. You will also need to provide a bank statement and a Government-issued ID, as well as have a good credit record. Go over to the Google Play Store and download the app to get started.

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3. SomeMoni

SomeMoni, boasting a user-friendly interface, is the go-to loan app for those seeking to borrow funds of 3000 naira and above. Launched in October 2023, it has garnered a respectable 10k+ downloads. However, the app’s 2.9 user rating on the Google Play Store raises concerns. Numerous users have reported issues, including non-disbursement of loans and receipt of threatening messages. If you are considering obtaining a loan through SomeMoni, the app is available for download on the App Store.

4. Monthly NG

For those who are lacking in funds to pay their house rent, this app is for you. Monthly NG is a loan app by Instalment Solutions Limited that helps you pay your rent and charges you a monthly interest for it. You do not need collateral or a co-signer to obtain this loan, you just need to be a resident of Lagos and earn at least N50,000 per month. According to the founders, they will never harass or defame you if somehow you are unable to meet up with the repayment. Do you need assistance in paying your rent? Monthly NG might be able to help.

5. Minicredit

MiniCredit provides quick, online loans in Nigeria via their app. You can borrow between NGN 3,000-200,000 and repay within 7 days to a month. No collateral or paperwork is required and disbursement is fast. Interest is 12-24%, with processing fees. To be eligible, you need to be a Nigerian resident, aged 20-60, and earning a salary. Apply within the app and receive funds upon approval.

6. NowCredit

NowCredit is a mobile loan app in Nigeria offering quick loans between NGN 10,000 and NGN 200,000 with repayment terms from 7 to 1 month. Interest rates range from 12% to 30%. They advertise a quick and secure approval process with funds received within 10 minutes. But make sure you understand all the loan terms and fees before borrowing.

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7. Floatr

Floatr is another new loan app that can borrow you 5k and above. To be eligible you need to be between the ages of 20-55, with a valid BVN, and have a paying job or employment. You do not need a collateral or guarantor in order to be granted a loan. However, be aware that their interest rates can be very high and repayment time is 7-14 days. Interested in this app? Head over to the Play Store and install it.

8. Oyescredit

Launched in late 2023, Oyescredit is a loan app that offers small loan amounts of 3000 naira up to 150,000 naira. Like most of the apps on this list, Oyescredit is not licensed by the CBN. They offer loans without collateral or paperwork. And to qualify, you just have to be a Nigerian citizen, have a verifiable source of income, be 20-60 years of age, and have a working BVN.

9. iCredit

iCredit by Bestfin Nigeria Limited provides quick and easy personal loans in Nigeria, ranging from NGN 1,000 to NGN 50,000 with repayment plans from 7 to 31 days. With an affordable interest rates, clear cost breakdowns, and a secure app, iCredit is accessible to anyone 18-65 with a smartphone. Download the app, apply, and receive approved funds instantly.

10. Ncash

Rounding up this list of newest loan apps in Nigeria, is Ncash. This app offers loans from as low as 1000 naira to 100,000 naira without collateral and guarantor. As with the other apps on this list, you have to be over the age of 18 and a Nigerian citizen to apply. You will also be needing your BVN, your Nigerian phone number, and of course a bank account. The app is available on the App Store, so you can install and apply for a loan.

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Borrow from The Newest Loan App in Nigeria

And that’s a wrap on the top 10 newest loan apps in Nigeria!

It’s important to remember, however, that borrowing money always comes with responsibility. Before you download any of these apps and apply for a loan, make sure you:

  • Understand the terms and fees: Don’t just focus on the loan amount and interest rate. Look for hidden fees, processing charges, late payment penalties, and any other costs associated with the loan.
  • Compare different lenders: Don’t settle for the first app you see. Take the time to compare interest rates, fees, and loan terms from multiple lenders before making a decision.
  • Borrow only what you can afford to repay: Don’t borrow more money than you can comfortably afford to repay on time. Make sure you have a budget in place and understand how the loan payments will impact your finances.
  • Be aware of the risks: Borrowing from unlicensed lenders can be risky as they can invade your privacy and sell your contact details. Make sure you are aware of these risks before you proceed.

By following these tips, you can make informed decisions about borrowing money and avoid getting into financial trouble.

Disclaimer: This information is for informational purposes only and should not be considered financial advice. Please consult with a qualified financial advisor before making any financial decisions.

Notice

Many loan apps change their interest rates and repayment terms over time. Always review the terms and conditions carefully before downloading any loan app. B4loan doesn't promote any loan app, we just help you make informed decisions.

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